The Department of Industry is in its consultation stage on the National Industry Policy Review.

This week 43 participants from both the private and public sector attended a half day consultation on the draft policy.

In an interview with Vanuatu Nightly News' Kizzy Kalsakau, International Consultant Anthony O'Sullivan explains that value added and processing is a fundamental way for Vanuatu to move up in terms of wealth and innovation in value chain.

In the last two months, the Department of Industry held consultations with more than 50 different business houses, different island stakeholders within the private and public sector. The consultation process also covered different islands across the country, according to Mr. O'Sullivan.

"Vanuatu should compete in niche market at high prices. So we are looking at high end niche to produce top quality products and services in a manner which is sustainable and inclusive."

He added, "Our strategy is looking at how we take valuable products like coconuts and capture its value such as the virgin coconut oil and even moving from coconut to cosmetics where you have great export potential and can capture higher prices in return for the country."

So far nine programs and 34 projects have been proposed aiming at helping to unleash and unlock the potential of Vanuatu as a country.

Projects included in the proposal include having a government sponsored innovation fund.

The overall aim is to become a model for sustainable and inclusive industrial development and moving forward and actually achieve results.

The National Industry Policy is still in draft stage. The Final version is expected to be out in January.

Source: Daily Post